Chevron Nigeria Limited and the Nigerian National Petroleum Corporation has secured a $1.4bn financing to fund the NNPC/CNL JV infill drilling programme.
This according to a released statement by CNL’s General Manager emphasized that the programme is planned to run from 2022 to 2026.
Policy, Government and Public Affairs, Esimaje Brikinn on Friday, said the financing arrangement was executed on Wednesday November 30, 2022.
The project includes the drilling of 37 wells in the offshore and onshore Escravos area.
In accordance with the statement, the project would enhance domestic gas supply, stop decline, and help to monetize reserves. It also said that the project aligns with the lower carbon objectives of the NNPC/CNL JV and supports a lower carbon future by increasing gas resources for commercialization.
“The NNPC/CNL JV recognises the strategic imperative to supplement funding of the NNPC/CNL JV operations to enable high impact projects that can deliver near term production” it said.
The NNPC/CNL JV is one of the largest producers and investors in Nigeria. CNL has operated in Nigeria for more than 60 years and the firm said it was still committed to supporting the country in developing its energy resources for the benefit of its people.
“CNL puts people at the center of the energy conversation because it understands that the well-being of people everywhere depends on energy – energy that is affordable, reliable, and ever cleaner to enable human progress”, the statement added.